Fairfax Announces Early Redemption Of Senior Notes Due March 3, 2025
February 14 2024 - 5:02PM
Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U)
announces that, on March 15, 2024, it is redeeming all of its
outstanding 4.95% senior notes due March 3, 2025 (the “Notes”) at a
redemption price of 100% of the principal amount of the Notes, plus
accrued and unpaid interest. There is C$348,564,000 principal
amount of Notes currently outstanding.
Questions regarding the redemption of the Notes
may be directed to BNY Trust Company of Canada, as Canadian
Trustee, as follows:
BNY Trust Company of
Canada1 York St., 6th FloorToronto, Ontario M5J 0B6
Fairfax is a holding company which, through its
subsidiaries, is primarily engaged in property and casualty
insurance and reinsurance and the associated investment
management.
For further information contact: |
John Varnell, Vice President, Corporate Development at (416)
367-4941 |
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Certain statements contained herein may
constitute “forward-looking statements” and are made pursuant to
the “safe harbour” provisions of the United States Private
Securities Litigation Reform Act of 1995 and any applicable
Canadian securities regulations. Such forward-looking statements
are subject to known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Fairfax to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: our ability to complete acquisitions and other
strategic transactions on the terms and timeframe contemplated and
to achieve the anticipated benefits therefrom; a reduction in net
earnings if our loss reserves are insufficient; underwriting losses
on the risks we insure that are higher or lower than expected; the
occurrence of catastrophic events with a frequency or severity
exceeding our estimates; unfavourable changes in market variables,
including interest rates, foreign exchange rates, equity prices and
credit spreads, which could negatively affect our investment
portfolio; the cycles of the insurance market and general economic
conditions, which can substantially influence our and our
competitors’ premium rates and capacity to write new business;
insufficient reserves for asbestos, environmental and other latent
claims; exposure to credit risk in the event our reinsurers fail to
make payments to us under our reinsurance arrangements; exposure to
credit risk in the event our insureds, insurance producers or
reinsurance intermediaries fail to remit premiums that are owed to
us or failure by our insureds to reimburse us for deductibles that
are paid by us on their behalf; our inability to maintain our long
term debt ratings, the inability of our subsidiaries to maintain
financial or claims paying ability ratings and the impact of a
downgrade of such ratings on derivative transactions that we or our
subsidiaries have entered into; risks associated with implementing
our business strategies; the timing of claims payments being sooner
or the receipt of reinsurance recoverables being later than
anticipated by us; risks associated with any use we may make of
derivative instruments; the failure of any hedging methods we may
employ to achieve their desired risk management objective; a
decrease in the level of demand for insurance or reinsurance
products, or increased competition in the insurance industry; the
impact of emerging claim and coverage issues or the failure of any
of the loss limitation methods we employ; our inability to access
cash of our subsidiaries; our inability to obtain required levels
of capital on favourable terms, if at all; the loss of key
employees; our inability to obtain reinsurance coverage in
sufficient amounts, at reasonable prices or on terms that
adequately protect us; the passage of legislation subjecting our
businesses to additional adverse requirements, supervision or
regulation, including additional tax regulation, in the United
States, Canada or other jurisdictions in which we operate; risks
associated with applicable laws and regulations relating to
sanctions and corrupt practices in foreign jurisdictions in which
we operate; risks associated with government investigations of, and
litigation and negative publicity related to, insurance industry
practice or any other conduct; risks associated with political and
other developments in foreign jurisdictions in which we operate;
risks associated with legal or regulatory proceedings or
significant litigation; failures or security breaches of our
computer and data processing systems; the influence exercisable by
our significant shareholder; adverse fluctuations in foreign
currency exchange rates; our dependence on independent brokers over
whom we exercise little control; operational, financial reporting
and other risks associated with IFRS 17 – Insurance Contracts;
impairment of the carrying value of our goodwill, indefinite-lived
intangible assets or investments in associates; our failure to
realize deferred income tax assets; technological or other change
which adversely impacts demand, or the premiums payable, for the
insurance coverages we offer; disruptions of our information
technology systems; assessments and shared market mechanisms which
may adversely affect our insurance subsidiaries; and risks
associated with the global pandemic caused by COVID-19 and the
conflicts in Ukraine and Israel. Additional risks and uncertainties
are described in our most recently issued Annual Report which is
available at www.fairfax.ca, on SEDAR+ at www.sedarplus.ca and on
EDGAR at www.sec.gov, and in our Base Shelf Prospectus (under “Risk
Factors”) filed with the securities regulatory authorities in
Canada, which is available on SEDAR+ at www.sedarplus.ca. Fairfax
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
securities law.
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